Various types of utility knives are known in the art for cutting workpieces. Typically, a utility knife includes a handle having a blade slot and a box cutting or utility blade extending from the slot. A thumb slide engages the blade through a slot provided in the handle to facilitate extending the blade from the handle through the slot. However, the utility blade is typically suitable only for cutting paper, cardboard and other soft materials. Therefore, a multi-functional utility knife is needed which is capable of cutting or shaping a variety of workpieces.